Nancy Fraze, Reporter In The Field, shares her experience from the Annual Conference for Administrative Excellence. Nancy gives you all the details, as they happened, from her objective perspective. Follow along and join the event, virtually!
On Thursday afternoon, we had 3 workshops:
- Get Control of E-mail with Mike Song
- The Art of Creating Positive Relationships by Utilizing the Law of Attraction with Tedi Anne Templeton
- Because You’re Worth it: Saving & Investing: How to Pay Yourself First and Make Your Future a Priority with Christy Wright
Here’s a summary of Christy’s workshop:
Christi Wright began by saying most people never save because they never had enough money. She said:
- We don’t understand the problem.
- We think we can out-earn our stupidity.
- The problem isn’t the amount of money you make; the problem is what YOU do with it.
- If only … when…
- The finish line ALWAYS moves.
- “Rich” always doubles. No matter who you ask, they will say they are not rich but if they only earned twice what they do, now that would be ‘rich’ (actual study proved this).
Question: To be rich, how much do you need? Answer: more than you have right now.
Christi told us that over 80% of NFL players are broke 2 years after retirement.
“It’s a choice to live within your means,” she said.
Debt steals your future. Saving secures it.
- Owe – lifestyle of debt
- Own – lifestyle of saving
Put yourself at the top of your priority list. There will always be “other” priorities if you let it.
Margin = Options = Power
Savings Strategies: Consider your finances as a marathon, not a sprint.
Pay yourself for NOW.
- Make a list of short-term goals.
- Prioritize your short-term goals.
- Budget now.
- Find the margin.
- Decide where the margin goes to accommodate the short-term goals.
- Make a new budget with goals inserted into a new savings plan.
Pay yourself for later.
- Start an emergency fund and a retirement fund.
- Roth IRAs may not make sense, if you are investing later in life.
Pay it forward.
- Stats show that parents who pay 100% of kids tuition in college have kids who get lower GPAs! College students who worked 20 hours weekly go higher grades and also learned time management skills as a career preparation tool.
- Kids tend to not understand the word “no.”
- Giving them too much will result in debt, credit cards with balances, and being broke. Feeling the pain of lack, loss and debt.
- Let kids feel the weight of their responsibilities. Don’t be a helicopter parent.
- Kids lack discernment and wisdom. But they are not incapable of learning life skills.
- To learn life skills with money:
Learn the value of $
- Talk about it.
- Expect it.
- Model it.
The session was AMAZING! She also discussed investments and who should pay for college.
There was a good turnout for this concurrent session, so I think it really struck a chord with the participants.